Saudi Aramco [IPO-ARMO.SE] is due to sign deals with 12 US companies on Saturday during US President Donald Trump’s visit to Saudi Arabia, sources with knowledge of the matter said. The deals with top US companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the oil giant’s push to develop local manufacturing, the sources said. Aramco will also sign deals with General Electric (GE) and drilling companies National Oilwell Varco (NOV), Nabors Industries and Rowan Companies, among others, they added. Last December, Aramco signed deals with drilling firms Rowan and Nabors Industries to establish joint ventures under the IKTVA program. Engineering companies KBR and Jacobs Engineering, as well as McDermott and Honeywell will also sign memoranda of understanding with Aramco, the sources said.

Source: Egypt Independent May 18, 2017 13:30 UTC